Tocardo and Huisman form strategic partnership for offshore development

The Dutch company says new shares have been issued, giving Huisman -- which specializes in the design and fabrication of on- and offshore equipment -- a minority stake in the business.

"We have recently reached the stage of full commercialization of the building and marketing of our smaller turbines," says Tocardo Chief Executive Officer Hans van Breugel. "The agreement is the next step in our plan to scale up our business and gain first-mover advantage in this fast-changing sector."

Tocardo says Huisman's background in construction and engineering will complement its own experience in producing tidal free-flow water turbines, while the investment will be used to further research and development efforts.

"There is a lot of international interest in tidal and in-stream power generation, and we are one of the first companies to have commercially available products that are already being sold," van Breugel says. "Huisman's investments and partnership will help us realize the full potential of this opportunity.